Corero Network Security PLC (AIM:CNS) has warned that full-year revenue will be below market guidance, sending shares 7.7% lower.
The AIM-listed group blamed the shortfall on “delays in customer decision making and buying cycles being extended which has affected customer order timing”.
As a result, revenues for the year to 31 December 2022 are expected to be around US$20.1mln, down from US$20.9mln in 2021.
Order intake for the year was US$23.9mln, up 13%, with new customer order intake up 38% over the prior year.
The company also highlighted a number of important customer wins for its SmartWall DDoS protection solutions, including additional purchases from existing customers, a number of new customer wins and a significant multi-year support renewal for an existing customer, which will benefit revenues in 2023 and subsequent years.